The negative effect of the referendum on the countries economy have already been felt

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The decision has been made and the repercussions need to be dealt with

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The underlying point to this referendum should not be forgotten

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The negative effect of the referendum on the countries economy have already been felt

Following the UK’s referendum to leave the EU in 2016, the economic effects were felt very quickly with the depreciation of the British pound Sterling swiftly following. The negative economic impact of the referendum continued in the following year when the rise of inflation outweighed the growth of wages. These results are set to continue following Britain's exit from the EU, and the UK’s per capita income has been forecast to decrease in the long and medium term.

Economist now share the unified belief that Brexit poses long term economic costs for the UK. Many economists have estimated a cost to the UK anywhere between 1-10% in terms of UK per capita income, and even the government are predicting a 2-8% slow in economic growth. When leaving European Customs Union Britain looks to receive high tariffs placed on 25% of goods, and around 45% of goods remain undecided as a Brexit deal hangs in the balance. These reasons all indicate that UK residents stand to lose out economically as a result of any type of Brexit deal.

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Daniel Halliday

Nov 7

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DH edited this paragraph

Following the UK’s referendum to leave the EU in 2016, the economic effects were felt very quickly with the depreciation of the British pound Sterling swiftly following. The negative economic impact of the referendum continued in the following year when the rise of inflation outweighed the growth of wages. These results are set to continue following Britain's exit from the EU, and the UK’s per capita income has been forecast to decrease in the long and medium term.

The decision has been made and the repercussions need to be dealt with

Britain need to stay in the EU single market for goods and services, otherwise the economy would risk being at less of an advantage trade-wise, and the effects of this will be further accelerated economically. The UK should be seeking a soft Brexit to at least maintain a good relationship with the EU, and continue the inflow of a necessary skilled and unskilled European labour force to keep the economy afloat to prevent a labour crisis, for example like that of Japan a country with a strict immigration policy. This decision may well deal a powerful blow to the economy so measures should be taken to minimise the negative economic effects of Brexit.

But the issue for the UK is not entirely negative as part of leaving the EU customs union means that Britain will be able to strike its own trade deals outside of the European Economic Area. However, Theresa May's chequers deal is currently lacking a good enough trade policy to be accepted by Brussels, and this is undoubtedly the most important part of negotiations for Britain now, minimising economic damage. Regardless of immigration and how hard of soft a Brexit May pursues, what Britain stands to loose is the access to a good trade relationship with its closest geographical neighbours, and some of the largest markets in the world.

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Daniel Halliday

Nov 7

Approved

DH edited this paragraph

Britain need to stay in the EU single market for goods and services, otherwise the economy would risk being at less of an advantage trade-wise, and the effects of this will be further accelerated economically. The UK should be seeking a soft Brexit to at least maintain a good relationship with the EU, and continue the inflow of a necessary skilled and unskilled European labour force to keep the economy afloat to prevent a labour crisis, for example like that of Japan a country with a strict immigration policy. This decision may well deal a powerful blow to the economy so measures should be taken to minimise the negative economic effects of Brexit.

The underlying point to this referendum should not be forgotten

The main factor behind the vote to leave the EU was immigration, with 48% of Britons claiming it to be the most important issue facing Britain at the time of the referendum (according to an Ipsos poll). A hard Brexit will allow the UK to actually put into place the kind of legislation the people of the UK voted for, as many voters also claimed British sovereignty and control of policy making as the most important reason for Brexit (Lord Ashcroft poll). During negotiations, and especially as a Brexit deal remains elusive despite the deadline being so near, the main reasons for Britain exiting the EU should not be forgotten, and Brexit policy should reflect this.